Yankee Stadium Needs More Money

Michael Gormley of the Associated Press is reporting tonight that the Yankees are seeking an additional $400 million in public financing for the new Yankee Stadium. State Assemblyman Richard Brodsky of Westchester said the Yankees said they may not be able to finish the new stadium without the additional funds.

Brodsky said Seth Pinsky, president of the city’s Economic Development Corp., “told me that the Yankees have said they may not complete the stadium if this issue not resolved.”

New York City is working with the IRS concerning a regulation that would prohibit more public debt to be incurred. A similar situation is occurring with the new Shea Stadium and a new arena for the New Jersey Nets.